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The Hong Kong residential market showed signs of recovery in October, with a total of 4,697 transactions recorded across both the primary and secondary markets. This represents a substantial 65% increase compared to September, indicating a rebound from the previous downturn.

In the primary market, new home sales recorded 1,611 cases, reflecting a remarkable 209% month-on-month increase. This surge can be attributed to a rise in new project launches and improved market sentiment. Meanwhile, the secondary market also experienced growth, with 3,086 transactions, an increase of 33% from the previous month………

This monthly publication contains the property news of Greater Bay Area in China. (The content of this monthly publication is only available in Simplified Chinese.)

Hong Kong residential market experienced a notable downturn. A total of 2,848 transactions were recorded across both the primary and secondary markets in September, reflecting a significant 22% decrease from August and marking a seven-month low.
The primary market saw a steep decline, with only 521 new home sales, a 55% drop month-on-month. This sharp decline can be attributed to reduced new project launches and prevailing market uncertainty. Secondary home sales were also affected, totaling 2,327 transactions, down 7% from the previous month……..

This monthly publication contains the property news of Greater Bay Area in China. (The content of this monthly publication is only available in Simplified Chinese.)

This monthly publication contains the property news of Greater Bay Area in China. (The content of this monthly publication is only available in Simplified Chinese.)

The overall residential market held steady in July, with a total of 3,723 transactions registered across the primary and secondary markets, a decrease of only 3% from June. New home sales fell by 16% on a month-on-month basis, reaching a five-month low with 826 units sold in July. This was primarily due to a reduction in the number of new project launches and a less optimistic market outlook.

Meanwhile, there was a modest 1% monthly increase in the number of registered secondary market deals, reaching 2,897 cases in July, as a result of the fading effect of the removal of ‘spicy measures’ and the elevated high interest rate.

The latest data from the Rating and Valuation Department shows that Hong Kong’s private home prices fell by 1.9% in July compared to the previous month, reaching their lowest level in nearly eight years since September 2016. It is notable that the home price has fallen for the third consecutive month, with a 4.7% retreat so far this year and a 25.5% plunge since reaching its peak in September 2021…….

The residential market saw a remarkable surge in the second quarter of 2024, with a total of 17,953 transactions registered, representing an 83% increase compared to the previous quarter and reaching a 12-quarter high. This notable growth can be attributed to the cancellation of ‘spicy measures’ at the end of February.

Following a period of consolidation, buyers flocked to the market, showing a sense of optimism and confidence. Of the total agreements recorded in Q2, 6,550 were specifically for the first-hand market, indicating a 128% increase from a quarter earlier and hitting a 20-quarter high. Registrations in the secondary market jumped by 64% from the previous quarter to 11,403.

Developers have adopted a strategy of prioritising sales volume over pricing, adding pressure on secondary homeowners to offer deep discounts to draw sales. Hong Kong’s home price index fell by 1.24% m-o-m in June, according to government data. That brought the decline in the prices of second-hand homes to 3.05% ……

This quarterly publication contains the latest social and economic statistics of China, as well as a detailed analysis of the residential, office and retail markets. (The content of this quarterly publication is only available in Simplified Chinese.)

The residential market exhibited a decline in activity, following the short-term robust buying sentiment observed in April. A total of 5,546 transactions were recorded across the primary and secondary markets in May, representing a 35% decrease from the previous month.

New home sales declined by 47% m-o-m to 1,934 units in May, but still represent the second-highest figure in 34 months, since July 2021. Meanwhile, the secondary market saw a 27% monthly decrease in the number of registered deals, dropping to 3,612 cases. This can be attributed to the fading effect of the removal of ‘spicy measures’, which has resulted in buyers returning to a more rational approach.

At the same time, Hong Kong’s private home prices lost steam again after a second consecutive month of gains. In fact, home prices dropped by 1.2% to 305.9 in May and have declined by 1.7% year-to-date.

This monthly publication contains the property news of Greater Bay Area in China. (The content of this monthly publication is only available in Simplified Chinese.)